Big Banks End 2018 Holding At Least $1.6B of Unsold Loans Involving Leveraged Buyout Debt

根据Bloomberg, market woes have left Goldman Sachs Group Inc. (GS), Barclays Plc (BARC), Bank of America Corp. (BAC), and other Wall Street banks unable to get rid of at least $1.6B of “unwanted leveraged buyout debt” as investors continue to run from high-risk assets in the wake of fears about the global economy. A leveraged buyout (LBO) involves the acquiring of a company using borrowed funds. The assets of the company that is acquired, as well as the acquiring company’s assets, usually serve as collateral. LBOs make it possible for companies to get involved in big acquisitions without having to use a lot of capital.

Bloombergreports that as of the 22nd of December, at least four loan sales involving acquisitions and buyouts had yet to “clear the market” leaving banks with no choice but to retain the debt on their books, including:

·由高盛（Goldman Sachs）领导的团体负责第一储备的融资，以收购管道运营商Blue Racer，预计将结束持有5.16亿美元贷款的一年。

· Apollo Infrastructure “shelved” a $275M loan involved in Apollo Global Management LLC’s $1B acquisition of a portfolio that came from GE Capital’s Energy Financial Services. The loan is expected to go back out in 2019 once the markets calm down.

· While C & D Technologies’ acquisition of Trojan Battery closed last month, Bank of America-led underwriters reportedly were unable to rid themselves of a $400M loan involved in the deal.

同时，投资者还继续逃离持有杠杆贷款的贷款共同基金。根据寻求alpha, Lipper reports that during the week that concluded on December 19, investors pulled some $3B net from US loan mutual funds and another $300M from exchange-traded loan funds resulting in the largest recorded outflow of this kind to date.

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